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One of our readers asked about buying on the Sunshine Coast. (Joni Mitchell has had a place there at Secret Cove for years)
George Hatton, CA, our RRSP specialist and Mutual Fund advisor with Cartier Partners is in the process of building there now and I asked him to answer the question. It follows. Just hit delete if not interested in building your retirement home.
George has answered in CAPITALS
-----Original Message-----
From: George Hatton [mailto: [email protected]]
Sent: Tuesday, October 14, 2003 11:32 AM
To: LXXXXXXX
Cc: [email protected]
Subject: Re: building on the Sunshine Coast
I do not mind at all. The responses are following each question.
> Hello Mr Hatton
>
> I was recently in contact with David Ingram via the taxman website, and he
> mentioned that you were in process of building a home in Sechelt. I have
> recently visited the Sunshine Coast, exploring the possibilty of buying a
> vacation/retirement home. I've been working with a local realtor and
though I didn't make any offers I am still thinking about it. I have also
> entertained the idea of buying a lot or acreage and having a home built on
> it, which why I decided to contact you.
>
> I'd like to know why you opted to build rather than buy.
I AM USING CAPITALS TO DIFFERENTIATE THE RESPONSE - NOT TO SHOUT!
WE DECIDED TO BUILD IN ORDER TO GET WHAT WE WANTED, WHICH WAS A VIEW LOT
ON WHICH TO PLACE A SPECIFIC DESIGN OF RETIREMENT RESIDENCE.
WE HAD LOOKED AT EXISTING OFFERINGS BUT DID NOT SEE ANYTHING THAT APPEALED TO US AT ALL. WE WERE BEING FUSSY ABOUT ROOM SIZES, CONSTRUCTION CHARACTER, ETC. AND ALSO
HAD A BUDGET.
THE EXISTING PROPERTIES HAVE A WIDE VARIANCE IN PRICE AND QUALITY. WE FOUND THAT MANY HOUSES WERE LIKE THE HOUSE THAT JACK BUILT, WITH ADD-ONS, ETC. OF QUESTIONABLE QUALITY. WE ALSO HAD ANOTHER LIMITING FACTOR IN THAT WE WANTED TO BE ABLE TO COMMUTE FROM THE LOCATION FOR A FEW YEARS (TO NORTH VANCOUVER) AND ALSO WANTED HIGH SPEED INTERNET ACCESS, NATURAL GAS SERVICE, AND TO A LESSER EXTENT, COMMUNITY WATER AND SEWAGE SERVICE.
THIS TENDED TO KEEP US IN THE AREA OF SECHELT SOUTH.
Do you have an idea as to what your square foot costs will be?
NOT AT THIS POINT, ALTHOUGH THE SUGGESTIONS THAT WE HAVE RANGE FROM
$80 TO $140 PER SQ FOOT. WE EXPECT TO GO TO CONTRACTORS IN THE NEXT MONTH
WITH FINAL PLANS. WE DID HAVE A QUOTE FROM ONE CONTRACTOR AT $160 PER SQ
FT, BUT REJECTED THAT AS BEING OUTRAGEOUS. WE THINK THAT IT WAS A STINK BID
TO GET THE WORK AT A HIGH MARK-UP AS THE MARKET WAS VERY TIGHT AT THE TIME.
THE BID WAS BASED ON VERY LIMITED DRAWINGS, AND UNKNOWN SITE CONDITIONS.
Are you building "upscale custom", or average?
OUR PLANS ARE TO BE CUSTOM, AND GENERALLY AVERAGE, ALTHOUGH CERTAIN
ASPECTS WILL BE REGARDED BY MANY TO BE UPSCALE.
Is it difficult to find reliable, quality builders?
THERE ARE LOTS OF BUILDERS. THE VENDOR REALTOR FOR THE PROPERTY
GAVE US THE NAMES OF A FEW CONTRACTORS AND EXPRESSED AN OPINION ON THEIR
RELIABILITY. I THINK THAT THE GENERAL CONTRACTORS CAN BE QUANITFIED, BUT
THE SUBTRADES ARE VERY VARIED.
Are there an over abundance of bureaucratic obstacles to obtaining building permits?
WE HAVE YET TO EXPERIENCE THE BUREAUCRATS. I THINK IT IS VARIABLE
DEPENDING UPON WHOM YOU ARE DEALING WITH. THE BUILDING CODE FOR THE
DISTRICT OF SECHELT IS AVAILABLE ON THE INTERNET. WE ARE ON A SITE THAT HAS
A VERY STEEP SLOPE AND WILL HAVE TO PROVIDE ENGINEERING REPORTS AS TO THE
STABILITY OF THE FOUNDATIONS. WE DO NOT SEE A PROBLEM, BUT, AS I SAID, WE
HAVEN'T COME UP AGAINST THEM WITH ISSUES TO THIS POINT. I THINK THAT YOU
WANT TO DETERMINE EXACTLY WHAT AGENCY YOU ARE TO DEAL WITH BEFORE BECOMING
COMMITTED TO A SPECIFIC SITE. PART OF SECHELT IS UNDER THE CONTROL OF THE
FIRST NATIONS OF THE AREA, AND I AM GIVEN TO UNDERSTAND THAT THAT CAN BE A
PROBLEM WE AVOIDED THAT AREA, BUT HAVE NO DIRECT REASON FOR TAKING THAT
STAND.
Did you design yourself, or did you have an architect design your home?
WE DID A FUNDAMENTAL DESIGN, AND HAVE AN ARCHITECT DOING THE
DRAWINGS, ELEVATIONS ETC FOR THE PURPOSE OF GETTING THE CONTRACTOR INVOLVED.
OUR LOT IS IN A SUBDIVISION WITH SPECIFIC CONDITIONS AS TO HEIGHT, POSITION
OF THE HOUSE, APPEARANCE, ETC. AND IT WAS NECESSARY TO HAVE THOSE ASPECTS
CONSIDERED AND APPROVED BEFORE WE COULD PURCHASE, AND MUST CONFORM AS WE
PROCEED. WE DO NOT FIND THEM ONEROUS, BUT THEY ARE A FACTOR.
Is it easy to find architectural consulting?
WE FOUND A NUMBER OF DESIGN CONSULTANTS IN THE AREA, SECHELT,
GIBSONS AND POINTS IN BETWEEN. THEY ARE BUSY AND MAY NOT BE AVAILABLE FOR
IMMEDIATE ENGAGEMENT
I'd appreciate any other thoughts you'd care to offer.
WE FOUND THAT BUYER BEWARE WAS THE ORDER OF THE DAY. WE HAD FOUND
ONE LOT THAT LOOKED VERY GOOD, ALTHOUGH OVERPRICED BY OUR STANDARDS. WE
WANTED A FULL BASEMENT AND DETERMINED THAT WAS NOT LIKELY AT THE SITE. AS
IT TURNED OUT, THE SEASONAL WATERTABLE WAS SO HIGH AS TO PRESENT A PROBLEM.
MANY SITES REQUIRE A SEPTIC SYSTEM FOR SEWAGE, AND WHILE NOT A PROBLEM, THE
LOCATION CAN BE A PROBLEM IN SITE UTILIZATION. SINCE THE FIRE IN THE
INTERIOR, WE FOUND THAT MANY SITES REPRESENT A REAL THREAT DUE TO THE
PROXIMITY OF THE FOREST AREA.
WE STARTED OUT USING A REALTOR, BUT FOUND THE PARTICULAR ONE LESS
THAN ENTHUSIASTIC. MAYBE IT WAS JUST A LACK OF CHEMISTRY BETWEEN US. FOR
OUR PART, WE TOOK OUR TIME, USED THE INTERNET TO CANVASS THE REALTORS SITES,
AND SPENT A NUMBER OF DAYS DRIVING AROUND, LOOKING FOR PROPERTIES IN ROBERTS
CREEK, SECHELT AND GIBSONS. THE SITE WE FOUND SUDDENLY APPEARED AND WE FOUND
THAT IT SUITED US EXACTLY. IF YOU HAVE SPECIFIC SITE REQUIREMENTS, YOU HAVE
TO BE PATIENT.
AS FOR REALTORS, WE USED DAVID INGRAM AND CEN-TA REALTY AS THE BUYING BROKER, BUT THAT WAS JUST TO KEEP MATTERS IN HOUSE. WE DID MOST OF THE WORK OURSELVES, AND THE VENDOR'S REALTOR DID NOTHING TO REALLY EARN HIS COMMISSION. SUCH IS LIFE.
I hope this contact is not obtrusive, but Mr. Ingram seemed to indicate that you wouldn't mind.
HOPE THE ABOVE IS HELPFUL
Sincerely, LXXXXXXXXXX
-----------------------------------------------------
david ingram remarks:
I have been involved in the sale of over 3,000 properties in my life. In this case, as the buying broker for George and Marni Hatton, I did not even see the lot before it was signed, sealed and delivered. George and Marni found trhe lot and I made the offer for them. In BC, the presumption is that the realtor is now working for the buyer unles there is a contract to the contrary.
1. If looking for a property, a realtor may represent YOU, the buyer as a buyer broker. Logic says that this agent is charged with getting you the best price and pointing out negatives about the property.
2. The realtor who actually listed the property for sale is the "selling" broker. That Broker is charged with getting the best price for the vendor and other than obvious daults which are on the disclosure document, is not likely to wander around the property pointing out any problems.
3. A realtor may also present you with a dual agent contract. In this case, the agent is putting themselves in the position of representing both the vendor and seller at the same time. This will make the realtor the most money because they will get both sides of the commision. However, the realtor is definitely in a possible conflict of interest position. He or she is not likely to point out negatives about the property that are not on the disclosure statement. And, in my opinion, price negotiation becomes a moot point unless there are competing offers which are clearly establishing a price.
George Hatton can be contacted at (604) 980-0321
David Ingram's US/Canada Services
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Res (604) 980-3578 Cell (604) 657-8451
business (604) 980-0321
New email to [email protected]
www.centa.com www.david-ingram.com
Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
Be ALERT, the world needs more "lerts"
This from "ask an income tax and immigration expert" from www.centa.com or www.jurock.com or www.featureweb.com. Canadian David Ingram deals daily with tax returns dealing with expatriate:
multi jurisdictional cross and trans border expatriate problems for the United States, Canada, Mexico, Great Britain, the United Kingdom, Kuwait, Dubai, Saudi Arabia, Thailand, Indonesia, Japan, China, New Zealand, France, Germany, Spain, Italy, Russia, Georgia, Brazil, Peru, Ecuador, Bolivia, Scotland, Ireland, Hawaii, Florida, Montana, Morocco, Israel, Iraq, Iran, India, Pakistan, Afghanistan, Mali, Bangkok, Greenland, Iceland, Cuba, Bahamas, Bermuda, Barbados, St Vincent, Grenada,, Virgin Islands, US, UK, GB, American and Canadian and Mexican and any of the 43 states with state tax returns, etc.
saz
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